Home News Dmitry Medvedev: We are drafting a law on digital money, not “cryptocurrencies”

Dmitry Medvedev: We are drafting a law on digital money, not “cryptocurrencies”

Prime Minister Dmitry Medvedev revealed the details on the draft law on digital money that is currently being elaborated by the legislators, while speaking today at the St.Petersburg International Legal Forum.

According to Medvedev, new legal norms should form the basis of a flexible regulatory system that would not hinder the development of the digital economy and become an effective tool for combating digital crime. He also noted that the draft law will define the notions of “digital money” and “digital rights” instead of “cryptocurrency” and “token”.

The measures proposed by the new draft law are meant to prevent unregulated asset outflow to digital environment, as the digital economy cannot be ignored any further.

“We have to incorporate the fundamental provisions into the civic law while translating them into legal language. Thus, instead of “cryptocurrency”and “token”, the legislators are elaborating more restrictive legal notions of “digital money” and “digital rights”,” – Medvedev stated.

The Prime Minister noted that the new legal framework will ensure the fairness of judicial proceedings and prevent the concealment of assets, while forming a basis for related taxation system.